Btc breaking out of symmetrical triangle?
Since its last ATH on 14th of april, BTC has been in a downtrend indicated by the main channel.
It has been in 3 sequential, parallel channels within this downtrend, including the bloodshed on the 19th of may - post which it has moved into somewhat of a symmetrical triangle and just seems to be breaking out of it.
A strong move out of the triangle formation to the resistance area of $41-
42K is good.
A weak move out can lead it to a strong zone of resistance, where the main downtrend meets the42K resistance band along with the median of the ascending blue parallel channel - with the potential of killing the uptrend and a sharp fall down to $30-32k zone.
Any moved above42K with a retest is extremely bullish - especially for the high cap & mid cap altcoins.
#godspeed
It has been in 3 sequential, parallel channels within this downtrend, including the bloodshed on the 19th of may - post which it has moved into somewhat of a symmetrical triangle and just seems to be breaking out of it.
A strong move out of the triangle formation to the resistance area of $41-
42K is good.A weak move out can lead it to a strong zone of resistance, where the main downtrend meets the
42K resistance band along with the median of the ascending blue parallel channel - with the potential of killing the uptrend and a sharp fall down to $30-32k zone.Any moved above
42K with a retest is extremely bullish - especially for the high cap & mid cap altcoins.#godspeed
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